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Looking back at Delhi NCR residential realty

Posted on Dec 29, 2016

The year 2016 has been a roller coaster ride for the real estate sector. It would be wrong to mention that the balance of the sector was dishevelled by the turn of demonetization. Delhi NCR market has weathered against sombre sales, tussel with premium unauthorized areas (Sainik Farms, Anantram Dairy and Mahendru Enclave), pollution, and infrastructure, etc. Not surprisingly, transactions were not a strong point of the North market.

The ‘cheer around 2016

There were many other things to cheer about. Innovation, infrastructure development, redevelopment works, town planning, amongst others kept the market busy this year. The government was in its finest in relegating work to the local bodies and keeping a watch over them.

Government policies such as Demonetization, Real Estate Regulatory Act (RERA), Goods and Service Tax (GST), Benami Act, amongst others. Despite the long queues and media rage against the troubles that some of these policies have brought with them, their benefits though late are undeniable.

To make New Delhi a Smart City by the year 2018 as directed by M Venkaiah Naidu, urban development minister, NDMC has adopted extra measures to ensure the set-up of digital screens at all major locations to display useful information on weather, traffic flow, suggested traffic diversions and pollution. Initiatives have also been undertaken to disseminate information through FM and community radio. The entire NDMC area is also supposed to be provided with Wi-Fi connection.

Gurgaon, the upscale peer of the other NCR counterparts had been weighed down by a cash-strapped HUDA which had negatively affected the infrastructure updates that got delayed earlier this year. However, the renewing interest shown very recently by the Chinese conglomerate - Wanda Company is a big boost thumbs up for the real estate market.

The company would be investing over 10 billion dollars in the coming four years in building industrial parks, industrial units to manufacture cell phones and e-commerce platform and smart city in the 2,200 acres of land made available by the Haryana government near Kharkhoda. More tracts of land will be provided over the course of years. Industrial and office realty development almost always leads to residential development. This means, this micro-markets chance of getting a fresh lease of life seems imminent.

Noida was on an improvement drive (led by the state government) this year. Adding to this, the 5 per cent rise in the office rental worked for the eastern market of NCR. Some of the government directives were the return of unused leased land by builders in order to pay up the pending lease dues to the authorities.

The money collected in return will be used for project completion which will dissolve the roadblock between buyers and builders in Noida. Another example was the decision to not increase FAR in under-construction projects and upcoming projects. This means NOC and completion certificate will only be issued to builders when construction of common facilities gets completed, builders pay off their dues and on completion of infrastructure work of under-construction towers or projects.

Coming up - 2017What do the developers have to say on 2017? Will it be a replica of the present year? Ranjit Naiknavare, director, Naiknavare Developers Pvt. Ltd says that things will change for good and some of them would be led by demonetization. He says, “Post February when there is more clarity on RERA, GST rates and the dust has settled from demonetisation issues, interest rates are expected to reduce and property prices to soften. For every 1% decrease in home loan rates and with GST in vogue, we may see an increase in prices by around 2.5 to 5%. So, the next two months will be perhaps the most opportune time to buy into projects.”

Fitch Ratings Inc., one of the well-known credit rating agencies on a report mentioned that due to demonetization, the credit profiles of particularly those companies will be hit which have aggressively expanded their land banks in the last two years, using cash collections from previously sold properties. Unsold inventory is expected to increase in 2017, particularly in the NCR.

Reduced prices of premium houses, lowered bank rates and a transparent real estate market should lure buyers for an investment. Consumer sentiments are hopeful about 2017 which is a positive sign. All four are good enough reasons to be optimistic about the coming year.

Some activity at last is taking place in Delhis premium real estate market after Novembers shock demonetisation announcement. Investors and others looking for a home of their own are keen to take advantage of the discounts and reduced prices likely to be offered by sellers desperate to dispose of their properties. Homebuyers can expect at least 1 ...

Luxury home rate may fall by 25-30% after demonetisation

Posted on Dec 09, 2016

NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...

Housing prices to up to 30%, wiping Rs 8 lakh crore in value

Posted on Dec 02, 2016

NEW DELHI: Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008."In the aftermath of demonetisation impact on Indian real estate sector, market ...

After SBI, ICICI Bank slashes home loan rate by 0.15%

Posted on Nov 25, 2016

New Delhi: Private sector lender ICICI Bank today announced a cut in home loan rate by 0.15 percent for new borrowers, joining the rate cut initiated by bigger rival SBI.Home loans up to Rs 75 lakh for women borrowers will now attract an interest of 9.15 percent from the earlier rate of 9.30 percent, according to the ICICI Bank website.At the same ...

Luxury home rate may fall by 25-30% after demonetisation

Posted on Nov 25, 2016

NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...

Luxury home rate may fall by 25-30% after demonetisation

Posted on Nov 17, 2016

NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...

Good time to buy luxury flats in NCR, says report

Posted on Nov 17, 2016

Delhi/NCRIf you are looking to buy an apartment, this could be a really good time to do so in the NCR. According to real estate pundits, in the short term and midterm, prices could undergo a correction in the luxury and secondary, or re-sale, market of apartments.However, not much change is expected in the affordable, end-user or primary markets of ...

Inflow from realty sale deeds falls in Delhi

Posted on Nov 15, 2016

Delhi/NCRThe scrapping of Rs 500 and Rs 1,000 notes has resulted in a significant decline in the revenue department's collections from registration of property sale deeds. This financial year, the department has so far mopped up Rs 1,880 crore from the registration of various documents, including property sale deeds. This is Rs 230 crore higher tha ...

Nod for mixed use on land for SEZ in Noida

Posted on Nov 08, 2016

Delhi/NCRUttar Pradesh government has cleared a proposal to change the land use of about 1000 hectares of land earmarked for a Special Economic Zone (SEZ) as per its Master Plan-2031, on the Noida-Greater Noida Expressway. The move comes more than two years after Noida Authority had sought the change. The said land is now proposed to be categorized ...

PE investment in real estate up 22% at Rs 28,000 crore in Jan-Sept

Posted on Nov 03, 2016

NEW DELHI: Private equity (PE) investments in the real estate sector increased by 22 per cent to Rs 28,300 crore in the first nine months of this year with investors' rising interest in the office and retail assets, says property consultant Cushman & Wakefield.In its latest report on Private Equity investments in Real Estate (PERE), C&W sai ...

Private Equity Investments Decline 53% In September Quarter

Posted on Oct 25, 2016

New Delhi: Private equity investments declined 53 per cent to touch $2.5 billion during July-September this year – the lowest in the last nine quarters, largely owing to absence of big ticket deals, says a report. According to advisory firm Grant Thornton India LLP, there were 241 PE transactions worth $2,538 million in the September quarter this y ...

Noida to give registry NOCs for single flats

Posted on Oct 25, 2016

NEW DELHI: A new policy approved by the administrators of Noida and Greater Noida will unlock the gates for registry of nearly 40,000 flats in the twin cities that are currently stuck for no fault of the buyers.Registrations have not happened even after many buyers have got possession of flats because real estate companies haven't cleared their due ...

SBI Offers 'Hope Loans' At Reduced Interest Rates

Posted on Oct 06, 2016

New Delhi: SBI on Friday announced the launch of a special financing scheme 'Hope Loans', under which customers can avail credit facility at lower rates."Hope Loans comes with the added benefit of reduced interest rates that SBI has just announced due to the reduction in the marginal cost of lending rate (MCLR). On an Rs. 50 lakh home loan, for exa ...

No increase in FAR to be allowed in under-construction projects in Noida

Posted on Sep 27, 2016

Delhi/NCRThe Noida Authority on September 23, said that it would not allow any increase in floor area ratio (FAR) for under-construction and forthcoming projects in the city.CEO PK Agarwal also assured a delegation of Confederation of Noida Residents Welfare Associations that henceforth NOC and completion certificate "will only be issued to builder ...

Bird Group to open 3 hotels in India mulls acquisitions

Posted on Sep 20, 2016

NEW DELHI: The Bird Group is looking to open three luxury boutique hotels under its brand 'Roseate Hotels & Resorts' in the country and is also considering acquisitions for future expansion.The Group owns and operates four luxury properties - two each in India and the UK."Three hotels are under development in India - Rishikesh, Jaipur and Goa. ...

Muted growth in rentals in Delhi-NCR in first half of 2016

Posted on Sep 20, 2016

The growth of rentals in the commercial real estate market in Delhi-NCR remained static in the first half of 2016 as compared to first half of 2015, according to a survey by real estate consultant JLL. Among the Delhi-NCR commercial market, while Gurgaon records a slight increase as of 2Q16, Noida sees a decent rise but on a lower base.“At Rs 77 pe ...

Bird Hospitality launches Roseate Hotels & Resorts

Posted on Sep 13, 2016

Bird Hospitality announced the launch of Roseate Hotels & Resorts. It includes a portfolio of new and existing luxury hotels that are and will be carefully curated envisaging the best in design, art, hospitality, and personalised service centered on guest experience. With the opening of the Roseate House, New Delhi, the Group owns and ope ...

Unitech to raise funds to speed up housing projects

Posted on Sep 13, 2016

New Delhi: Facing consumer complaints over delay in project completion, realty firm Unitech today said it will raise about Rs 300 crore from financial institutions and sale of land parcels to complete over 40 housing projects comprising 13,000 flats within the next two years.Unitech said it requires Rs 2,700 crore to complete these 41 pending proje ...

Property investment can beat inflation impact

Posted on Sep 07, 2016

Delhi/NCRInvesting in property helps you beat the effects of inflation and generate high returns, over the long term.Many buy property for themselves to live in. Owning a property gives one a tremendous sense of confidence.You can save on the monthly rent. Also, you are insulated from the annual raise in rent and the possibility of having to vacate ...